
In a significant policy shift, the Insurance Regulatory and Development Authority (IRDAI) has eliminated the age limit of 65 years for purchasing health insurance, thus enhancing accessibility to coverage. This initiative aims to foster a healthcare system that is inclusive of individuals of all ages and provides protection against unforeseen medical expenses.
Previously, individuals were restricted from obtaining new insurance beyond the age of 65. However, as of April 1, this limitation has been abolished, allowing individuals of any age to purchase health insurance.
IRDAI has mandated that insurers must offer insurance plans catering to all age groups and customize products to meet the specific needs of demographics such as seniors, students, and children.
Furthermore, insurers are now obligated to provide coverage for pre-existing conditions, including serious illnesses like cancer and AIDS. To alleviate the financial burden on policyholders, insurers have the flexibility to offer premium installment plans and must provide options for flexible premium payment arrangements. Travel policies are now exclusively available through general and health insurers.
Moreover, there is no longer a restriction on coverage for AYUSH treatments, encompassing Ayurveda and Yoga, while policyholders with benefit-based policies are empowered to file multiple claims with different insurers.
Additionally, the new regulation establishes a dedicated channel for addressing complaints and claims from senior citizens, ensuring their needs are promptly attended to and resolved.